Bulgaria has become a very interesting choice for opening a business due to the geographical positioning, bordering the Black Sea to the east, Romania to the north, Serbia and Macedonia to the West and Greece and Turkey to the south. The country positions itself in south-eastern Europe, with a territory of 110,994 sq. km., being the 14th largest European country.

Simplified registration process

When it comes to opening a business in Bulgaria, one may benefit from many advantages, such as a symbolical minimum required capital, worth 1 Euro, and the simplified registration process. It usually takes a few days for a company to register in Bulgaria, but in some cases, it can take up to two weeks.

However, a key advantage in opening a business in Bulgaria lies in the possibility of using a power of attorney to open the company and it is not mandatory for the founder to be present in Bulgaria when registering the company.

Another important factor is that there are no running costs for the company; therefore, if the company was registered but it does not have any activity, it is not subject to financial obligations. However, the company must submit an annual tax return, a very simple process that can be made using accounting services or directly by the company’s manager.

Accounting records

Companies in Bulgaria use current accounting as costs are not high, but generally companies choose to use services of an accountant once per year, action permitted by the Bulgarian law.

Lowest taxes in Europe

Corporation tax: 10% (the average corporation tax rate in Europe is 25%) Personal income tax: 10% (the average personal income tax rate in Europe is 40%) Dividend Withholding Tax: 5% (0% when the European parent/subsidiary directive applies)

Ranking Bulgaria

Bulgaria has various high rankings, including being the 4th fastest growing economy of the European Union (source: European Commission), fifth place for math specialists (source: world bank), 3th place for the amount of qualified IT specialists per capita (source: American embassy in Sofia) and the 2nd place on the European ranking list for favourable locations for transport companies.